National Republican., 1887-10-13

three per cent, and for the third ten years
at four per cent. per annum.
The assessed valuation of the property OF
Virginia last year was s35O,0JO000. two.
mill tax on this would produce $7OO0OO,
and the interest at two per ercent. on the debt
would only be 100000, leaving 100000 to
invest in the states bonds, which, bearing
only . per cent. interest, could be bought at
IS cents on the dollar, thus enabling the re-
tirement Of S2GO,OOO OF the bonds.
The average increase In the valuation OF
property Ia four per cent, pernhnum. Vr-
pinia with her immense undeveloped re-
sources, now being rapidly developed, with
this ySxatious debt question settled, would
increase more than the average in wealth,
but giving only the average increase, In ten
years this two mill tax, at a two per cent
rate Of interest, would pay the interest and
reduce the principal Of the debt to $50, ,O3I
600.
During the second ten years, when the
interest would be three per cent. aud th
bonds sell at par, the debt would bereducei
to $12, ,9s5, 900, and the thir1 period Of teu
years, with the interest at four per cent the
two-mill tax would extingulsh the debt.
But It may be said that the holders Of the
bonds would not sci them during the first
period at the discount OF twenty five per
cent. The money could be i0vested ia
other bonds, aud the results would be The
| same.
But again, suppose the bondhol1er:
should Insist upon three per cent. lrom The
beginning and refuse to accept a graduated
interest Of two, three, aud four per cent
The two mill tax would only leave deficit
Of $50 600 the first year to be made up froi
other revenues, and in three years, througl
the increased valuation of property, the twt
mills would produce enough income to pay
the interest and commence the retiremen
| Il the debt, and in thirty three years th
tntire debt would be paid
These are plaiu, simple, easily uuderstoo
propositions, and in n supplement to th
WEEKLY NATIONAL REPUBLICAN speciali
prepared for Virginia we have given Tn
figures, with straight line maps, sho win
the increase in wealth and the decrease o
the dent and interest.
4he people of Virginia can see for them
selves, 10y these maps and figures, how eis
II will be to remove from the state tn
financial cloud that nov rests on
and on all the varied interests o
its people. They should remember th
even now omlnous threas Of repu1ia
iion are heard in certain quarters, and b
electing men to the legislature pledged t
an immediate and fair settlement of tb
debt stop that kind of talk.
| The creditors Of the state will acceI
proposition of this kind, because with til
two-mill tax made part OF the constitutiu
legislators could not divert 1t, and the bone
would be safe, both as to interest and prii
cipal.
The governor and the committees Of tt
legislature who were negotiating with ti
bondholders' committee said that $3.50, OK
could now be spared from the revenues
the state to apply to the public debt.
The revenues are now raised by a fou
mill tax on property, with licenses al
privileges added, SO that the present rate
G taxation will not have to be increased.
} fact, with the increase OF wealth th
: would follow a fair adjustment Of the sta
debt, In ten or fifteen years the proper
tax for current expenses could be reduce
We ask OF the people of Virginia earne
consideration OF the figures presented
them in the Virginia supplement. t
: NATIONAL REPUBLICAN desires to see VI
cinia great aud prosperous, The state CT
: never be so until it is honest. We belle
that equity does not Require it to p
more than thetun mentioned, and the pc
rle shopsa( select men for the legslatu
with the ability and the inclination to !
l. deem the state from the odium of repud
tlon,